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"Richemont hereby declares that the MAC Condition is fulfilled and, therefore, the offer is effective."

In January, Richemont announced its intentions to bid R40bn on YNAP, as part of a strategy to make inroads in the online retail space, Bloomberg reported. At the time, Richemont owned 50% of YNAP.

Business Insider previously reported that in March, Italian authorities granted Richemont approval for the deal.

Richemont will now purchase all the YNAP shares tendered in the offer during the acceptance period. Richemont is expected to pay €38 (R561) per YNAP share tendered in the offer on May 18. This amounts to €2.47bn (R36.49bn).

“The consideration will be paid in cash by the offeror,” the notice read.

Richemont’s share price opened at R120.12 on Thursday morning. It was trading 0.47% higher at R122.31 by 11:24.